SUMMARY
The day time price action was uneventful, at most. Forward discernment of price is evidence based. Based on the preponderance of evidence, it very clear that Bitcoin loves triangle patterns. Just in the vicinity of current price, two symmetrical triangles can easily be identified. Thus, I project that the current consolidation will likely take the form of a triangle as shown. It would be good to see an a,b,c,d,e type.
In the video, I detail out the reasons why Bitcoin is not expected to top out of what's being called the "bublicious" peak. First, the Altcoins are undergoing a bullish chart parttern speciation event of three types: Cup & Handle; Jaws of Wealth Pattern and the Downward Pointing Bullish Symmetrical Triangle (video has much more details).
Second, I'm calling it the Bullish Popcorn Symphony of Altcoins. We are already seeing more and more Altcoin prices are POPPING....no, EXPLODING upwards. I liken this to making popcorn in the microwave. At first, you hear intermittent pops which crescendo into a symphony of popping! Thus, until the Altcoins sing their bullish price solos, I belive Bitcoin will not top but rather sustain its uptrend with healthy corrections.
Third, many analysts are calling the BitCoin top day after day and failing. They are likening the top to an event and that is incorrect. A top is NOT an event. A top is a process and to see it as an event is wholly missing the forest from the trees. A different perspective and conceptualization are required to view topping as a process...and thinking like that is a departure away from herding.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**